europe stocks advance on alcoa results greek relief
Last Updated : GMT 00:31:53
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Europe stocks advance on Alcoa results, Greek relief

Arab Today, arab today

Arab Today, arab today Europe stocks advance on Alcoa results, Greek relief

Frankfurt - AFP

European stocks rose on Tuesday as investors took their cue from better-than-expected earnings from US aluminium giant Alcoa and after the eurozone released of billions of euros in fresh aid for Greece, dealers said. Meanwhile, economy and finance ministers from all 28 European Union countries gave the final green light to Latvia to join the eurozone from the start of 2014. In late morning deals, London\'s FTSE 100 of leading companies advanced 1.01 percent to 6,515.45 points and Frankfurt\'s DAX 30 gained 1.15 percent to 8,059.84. In Paris, the CAC 40 increased 0.79 percent to 3,853.88 points, as investors also welcomed an electricity price tariff deal for energy giant EDF and takeover news in the fashion sector. The European single currency rose to $1.2880 from $1.2868 late in New York on Monday. Gold increased to $1,253.90 an ounce from $1,235.25 on Monday on the London Bullion Market. Sterling fell sharply against the dollar and euro, after British manufacturing output and industrial production data disappointed the market. \"European markets are nicely up in green, adding to previous session\'s gains,\" said Gekko Markets analyst Anita Paluch. \"Two factors are the reason -- better than expected Alcoa results and its upbeat forecasts that traditionally start the earnings season and the good news from the European front, where Greece secured the 6.8 billion euro tranche of financial aid ... which will prevent the default of the country\'s debt in August.\" Eurozone finance ministers agreed in Brussels late on Monday to unlock the billions of euros in fresh aid for Greece on condition it presses ahead with urgently needed reforms. The Eurogroup gathering was held ahead of Tuesday\'s meeting of EU finance ministers, who have rubber-stamped Latvia to become the 18th member of the eurozone with effect from January 1 2014. Alcoa meanwhile revealed overnight that losses deepened in the second quarter from a year earlier due to lower aluminium prices and special charges related to capacity reduction and a US probe into offshore bribery, the company reported. The aluminium producer said it lost $119 million for the quarter ended June 30, compared to a loss of $2.0 million in the year-ago period. However, excluding the charges, Alcoa reported earnings of $76 million or seven cents per share. That was one cent more than analysts\' expectations. \"With Alcoa kicking off the earnings season in style last night and numbers topping estimates, there appears to be a degree of confidence about the round of corporate numbers we will be seeing in the coming days,\" said Mike McCudden, head of derivatives at online broker Interactive Investor. In Paris on Tuesday, EDF rocketed to the top of the risers board, soaring 9.43 percent to 19.43 euros after the energy giant clinched a new electricity tariff deal. The French government authorised EDF to lift its electricity prices for residential consumers by 5.0 percent next month, and by the same proportion in August 2014, in order to offset rising costs. Separately, French luxury conglomerate LVMH agreed Monday to take control of Italian exclusive ready-to-wear fashion group Loro Piana by buying an 80percent stake for about 2.0 billion euros ($2.5 billion). The deal sent LVMH shares 1.86 percent higher to stand at 131.15 euros on Tuesday. Across in London, Royal Dutch Shell saw its \'A\' share price jump 1.08 percent to 2,152 pence, as investors welcomed the appointment of downstream head Ben van Beurden as its new chief executive with effect from January. British retailer Marks & Spencer saw its shares slide 1.85 percent to 451.20 pence after posting weak first-quarter sales.  

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